Lab Report 9 Solutions.pdf - MA103 Lab Report 9 Would you...

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MA103 Lab Report 9Would you like this assignment Graded?YESor NOName:Student Number:Fall 20161.[10marks]In economics, the Lorenz curveL(x);where0°x°1;measures the distribution of wealth within an economy.As an example, ifL(0:4) = 0:1;then this means that the lowest earning 40% of households have only 10% of the entireeconomy°s wealth (and the remaining 60% of households have the remaining 90% of the wealth).The liney=xis called theline of equality since this would mean that the lowest earningx%of households would havex%of the economy°s wealth.Consider a country with a Lorenz curve given byL(x) =x2ex3°1:(a) Plot the Lorenz curveL(x)along with the line of equality in Maple.
(b) Evaluate each of the following using Maple.Round answers to 3 decimal places and interpret the results.

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